ALGO/USD Strong Support📊 Technical Analysis Overview:
✅ Price Action & Candles:
The latest Heikin Ashi candle is a strong green, signaling early bullish momentum.
Current price is around $0.214, showing a clear bounce from the recent low at $0.175.
Potential double bottom pattern forming, which is typically bullish if confirmed.
📉 EMA (20/50/100/200):
Price is still below all major EMAs, especially the 100 and 200 EMA, indicating the long-term trend remains bearish.
However, the price is now testing the 20 and 50 EMA – breaking above them could confirm a short-term uptrend.
☁️ Ichimoku Cloud:
Price is still below the Kumo (cloud) – a bearish sign in the bigger picture.
The future cloud is flat and wide around $0.29, signaling strong resistance ahead.
A break above the cloud would be a strong bullish signal.
🔄 Fibonacci Retracement:
Bounce from 0% level ($0.175), aiming for 23.6% ($0.293) as the next resistance.
A bigger rally could reach 61.8% retracement at $0.484.
📉 RSI (Relative Strength Index):
RSI is currently around 39.28, rising from the oversold zone.
A break above 50 would confirm stronger bullish momentum.
📈 MACD (Moving Average Convergence Divergence):
A bullish crossover just happened: MACD line crossing above signal line.
Histogram is turning green – showing growing bullish momentum.
Previous bullish wave lasted 9 bars (~27 days), so a similar rally could be starting.
⏳ Time Cycles:
Chart shows 72-bar (~216 days) cycles, possibly suggesting a new bullish phase beginning now.
📌 Summary & Trade Plan:
Near-term Target Mid-term Target Strong Support
$0.24 - $0.29 $0.48 (Fib 61.8%) $0.175
If holding: Worth holding if price breaks above EMA 50 and approaches $0.24–$0.29.
If considering buying: Entry between $0.21–$0.22 could be a good swing trade setup.
Stop-loss: Below $0.175 (key support).
